Shareholders of mining companies in Nicaragua cannot claim innocence. All they have is ignorance. This from IKN679, out last weekend.
Nicaragua political risk update (including some mining this time)
In March this year we ran a small series of political risk updates on the worsening conditions for human rights under the dictator Daniel Ortega of Nicaragua, documenting how his increasingly authoritarian government was closing down press outlets, hundreds of NGOs and arresting people speaking out against the oppressive regime. Recently, Nicaragua has been the centre of a small political storm when the USA (as hosts this year) uninvited Ortega and his government from the upcoming Organization of American States (OAS) summit in June. For a while, the US move threatened to see other countries boycotting the event until Nicaragua said that it wasn’t even interested in attending (thereby letting AMLO of Mexico and Arce of Bolivia, among others, off a hook of their own making).
However, the latest news from Nicaragua has its mining industry as backdrop. Two weeks ago, the regional Catholic bishop, Monseñor Rolando Álvarez, spoke out at an assembly mass and decried the development of the Pavon mining project located in his diocese at the nearby town of Rancho Grande. The project, owned and developed by Calibre Mining (CXB.to), is now in feasibility stage and nearing the moment when EIA and construction permits are set to be awarded. It is highly unpopular in the zone and historically opposed by the local population, even to the point when a few years ago Daniel Ortega (via his wife) agreed with locals and told the previous operators, B2Gold, to shut down development. Now that has changed, which brought the bishop’s words (translated (23)):
“The area (Cerro Pavon) is again being exposed to death, a crime is being committed against nature and the people of Rancho Grande are being disrespected, because a ministerial resolution said there would be no more mining in Rancho Grande, and now there’s the mining company in Cerro Pavon. We want to say, with sincere hearts, no more mining in Rancho Grande, no more mining development in Cerro Pavon.”
The reply from the Ortega government came this week. This Thursday 19th May, Monseñor Álvarez announced via the Catholic church TV channel that he and another bishop had been aggressively tailed by members of the Nicaragua secret police all day and that, when he had confronted the people tailing him, they answered that they were following orders. The next day, Friday May 20, the Nicaragua government ordered the immediate closedown of the Catholic church’s TV channel (24). This adds to the recent accusation made by Ortega that the bishops in his country have “a criminal terrorist mentality” and are “demons in cassocks”. Nice man. This publication feels it important you know exactly what you are sponsoring by buying and owning shares of Canadian mining companies operating in Nicaragua.
Hello,
Calibre just awarded the environmental permit for Pavon central today. Seems like your article incorrectly assumed it wouldn’t be. Stay safe out there
Thanks
Scott
You really do not get it, do you? Some remedial English reading comprehension lessons would help you.
Seems like a defensive answer. Must have struck a nerve
Dumb as a rock.
Your article : “It is highly unpopular in the zone and historically opposed by the local population”
News release: “ Alan Bolt, Director General of the Centre for an Understanding with Nature (“CEN”), stated: “Having been approved by the population through public consultation and confirmed by the Ministry of the Environment……
Seems these two contradict one another
Nicaragua is a dictatorship. Do you know how those work? You think dictators only get dictatory on special occasions? Have you ever been to a public consultation meeting? When the assembled party reps explain how President Dan and First lady Rosita have decided to take a special interest in the project and then, cameras in-hand, ask the local populace whether anyone feels like protesting today?
If you want to remain naive about the endemic corruption and systematic abuse of normal democratic rights in Nica, that’s your choice. But when you side with businesses making money there, you are supporting a regime that throws opposition politicos into jail on spurious charges and closes down any channel that dares to attempt dissention. That’s just for starters, as the testimonies of torture, rape and outright bullet-in-head from those who have dared to publicly oppose Dannyboy recently are all out there and documented by reputable rights organizations. If you think CXB (and all other Canadian mining companies) is unaware of what’s going on in front of its collective noses, then you are in la la land. Im not telling you what to do with your money, as you have the fortune to live in a country that allows you free choice, so back these companies making hay from the Nica regime if you so desire, but once ignorsnce moves from innocent lack of knowledge to the willful variety you become complicit in the type of politics that the 1stworlder will only ever want to read about.
Fair enough this is helpful information
I owe you an apology.
Isn’t CXBMF a Canadian company? Will they be affected by US sanctions? Just wondering,